# Adient (ADNT.US)

Canonical: https://gigainvestors.com/s/ADNT

Analysis as of: 2026-10-16T07:26:13.376Z. Financial observations: FY2013–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $18.18 per share; close as of 2026-10-15.

Estimated value: low $10.84 per share, central $11.42 per share, high $12.21 per share. Buy at or below the central value $11.42 per share. Valuation as of 2026-10-16T07:26:13.376Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 6

- Operating margin variation: 1.71×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.07×

- FY2018: -0.06×

- FY2019: 0.02×

- FY2020: 0.00×

- FY2021: 0.02×

- FY2022: 0.01×

- FY2023: 0.03×

- FY2024: 0.03×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.6%

- ROIC, second-lowest year: 1.9%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 6.2%

- Recent gross margin (lower of latest and 3-year median): 6.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: -2.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.4%

- FY2017: 22.0%

- FY2018: -28.4%

- FY2019: 8.9%

- FY2020: 1.9%

- FY2021: 10.2%

- FY2022: 8.2%

- FY2023: 21.4%

- FY2024: 22.4%

- FY2025: 24.8%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.37×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $930M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: -0.1 pp

- Working capital / revenue, final three-year average: 0.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.06×

- FY2022: -0.03×

- FY2023: 1.30×

- FY2024: 1.65×

- FY2025: 0.72×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.4% vs 22.4%

- Per-share earnings: 5.06 to 0.20 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.2%

- Ordinary dilution, 5-year annual growth: -2.4%

- Market cap gain: -$5.9B

- Cumulative retained earnings: -$1.9B

- Diluted shares, 10-year annual growth: -1.2%

- Diluted shares, 5-year annual growth: -2.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -33.2%

- Per-share value change: -$4.86

- Per-share value, starting three-year median: $5.06

- Per-share value, ending three-year median: $0.20

- Buybacks concentrated in cheaper years (correlation): -0.70

- Average buyback yield: 5.8%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.1B

- Cumulative net income, 10 years: -$2.3B

- ROIC, first three-year median: 4.4%

- ROIC, last three-year median: 22.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$16.36

- FY2017: $9.34

- FY2018: -$18.06

- FY2019: -$4.36

- FY2020: -$5.18

- FY2021: $11.58

- FY2022: -$1.27

- FY2023: $2.15

- FY2024: $0.20

- FY2025: -$3.39

### accounting: pass

- Sloan accruals: -8.2%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 7.1%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.20×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: 1.0%

- FY2018: -21.6%

- FY2019: -6.9%

- FY2020: -7.1%

- FY2021: 7.9%

- FY2022: -4.3%

- FY2023: -4.9%

- FY2024: -5.6%

- FY2025: -8.2%

## Holders

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 62% since Dec 2021 · "Adient Q3 Earnings Miss Estimates on Higher Commodity Expenses" (finance.yahoo.com, Aug 2026) · sales -1%

Story as of 2026-10-16T09:58:14.349Z; price observation 2026-10-15.

Price needs cash profits to grow 11.9% a year for ten years

- 2025-08-07: Adient raises 2025 guidance to $14.4B revenue and $875M EBITDA amid onshoring-driven growth ([seekingalpha.com](https://seekingalpha.com/news/4480847-adient-raises-2025-guidance-to-14_4b-revenue-and-875m-ebitda-amid-onshoring-driven-growth?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-11-05: Adient stock slumps after flagging lower production for next year; posts Q3 profit miss ([seekingalpha.com](https://seekingalpha.com/news/4515823-adient-stock-slumps-after-flagging-lower-production-for-next-year-posts-q3-profit-miss?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-05: Adient Q1 Earnings Beat Expectations, Revenues Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/adient-q1-earnings-beat-expectations-152800812.html))

- 2026-08-10: Adient Q3 Earnings Miss Estimates on Higher Commodity Expenses ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/adient-q3-earnings-miss-estimates-143000464.html))

### Sales · FY2024–2025

sales -1%; source https://www.sec.gov/Archives/edgar/data/1670541/000167054125000152/adnt-20250930.htm; observed 2025-11-18.

- FY2016: $17B 

- FY2017: $16B 

- FY2018: $17B 

- FY2019: $17B 

- FY2020: $13B 

- FY2021: $14B 

- FY2022: $14B 

- FY2023: $15B 

- FY2024: $15B 

- FY2025: $15B 

### Gross margin · FY2025

gross margin 6.6%; source https://www.sec.gov/Archives/edgar/data/1670541/000167054125000152/adnt-20250930.htm; observed 2025-11-18.

- FY2016: 9.6% 

- FY2017: 8.7% 

- FY2018: 5.2% 

- FY2019: 4.8% 

- FY2020: 4.7% 

- FY2021: 6.0% 

- FY2022: 5.7% 

- FY2023: 6.7% 

- FY2024: 6.3% 

- FY2025: 6.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are USD 14.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1670541/000167054125000152/adnt-20250930.htm (filed 2025-11-18); FY2025: revenue 14535000000; grossProfit 961000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 6.3% to 6.7% during 2023–25; it earns 9.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: grossProfit / revenue = 6.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: grossProfit / revenue = 6.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1670541/000167054125000152/adnt-20250930.htm (filed 2025-11-18); FY2025: grossProfit / revenue = 6.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); 10-year return on capital observations [[2016,0.04396077712609971],[2017,0.2204223171867921],[2018,-0.2843785980358957],[2019,0.08927149681528662],[2020,0.01873517786561265],[2021,0.10217715083481861],[2022,0.08248330297510625],[2023,0.21351148606777487],[2024,0.22357116567642885],[2025,0.2480758226037196]]; median 0.09572432382505261. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 6% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1670541/000167054125000152/adnt-20250930.htm (filed 2025-11-18); Gross margin observations: [[2021,0.060380116959064326],[2022,0.05714892712980667],[2023,0.06709970769730432]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 125 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2017: growth capex 0; upkeep 577000000; owner earnings 658000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2021: growth capex 0; upkeep 260000000; owner earnings 1173176470.5882354. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2022: growth capex 0; upkeep 227000000; owner earnings 3000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: growth capex 0; upkeep 252000000; owner earnings 266152542.37288135. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: growth capex 0; upkeep 266000000; owner earnings 29762376.237623762. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Dividend observations: [[2016,88000000],[2017,52000000],[2018,103000000],[2019,26000000],[2020,71000000],[2021,69000000],[2022,106000000],[2023,67000000],[2024,72000000],[2025,90000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1670541/000167054125000152/adnt-20250930.htm (filed 2025-11-18); FY2025: cash repurchases 125000000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); ADNT.US SharesStats.PercentInsiders = 1.17 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 11.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Ten-year compound average after fade. Initial solved rate 0.15821519336747103. Price 18.18; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.6673773987206824 → FY2025 -2.4216867469879517. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $45.51 per share

- 2016-11: $53.56 per share

- 2016-12: $58.60 per share

- 2017-01: $63.49 per share

- 2017-02: $67.13 per share

- 2017-03: $72.67 per share

- 2017-04: $73.56 per share

- 2017-05: $68.53 per share

- 2017-06: $65.38 per share

- 2017-07: $65.47 per share

- 2017-08: $70.68 per share

- 2017-09: $83.99 per share

- 2017-10: $84.36 per share

- 2017-11: $78.26 per share

- 2017-12: $78.70 per share

- 2018-01: $64.80 per share

- 2018-02: $62.06 per share

- 2018-03: $59.76 per share

- 2018-04: $61.29 per share

- 2018-05: $53.24 per share

- 2018-06: $49.19 per share

- 2018-07: $47.63 per share

- 2018-08: $43.29 per share

- 2018-09: $39.31 per share

- 2018-10: $30.42 per share

- 2018-11: $23.68 per share

- 2018-12: $15.06 per share

- 2019-01: $19.74 per share

- 2019-02: $19.44 per share

- 2019-03: $12.96 per share

- 2019-04: $23.10 per share

- 2019-05: $17.26 per share

- 2019-06: $24.27 per share

- 2019-07: $23.75 per share

- 2019-08: $20.17 per share

- 2019-09: $22.96 per share

- 2019-10: $21.19 per share

- 2019-11: $21.86 per share

- 2019-12: $21.25 per share

- 2020-01: $25.71 per share

- 2020-02: $23.93 per share

- 2020-03: $9.07 per share

- 2020-04: $14.98 per share

- 2020-05: $17.01 per share

- 2020-06: $16.42 per share

- 2020-07: $16.64 per share

- 2020-08: $17.34 per share

- 2020-09: $17.33 per share

- 2020-10: $21.22 per share

- 2020-11: $31.29 per share

- 2020-12: $34.77 per share

- 2021-01: $32.29 per share

- 2021-02: $37.08 per share

- 2021-03: $44.20 per share

- 2021-04: $46.34 per share

- 2021-05: $50.06 per share

- 2021-06: $45.20 per share

- 2021-07: $42.13 per share

- 2021-08: $39.34 per share

- 2021-09: $41.45 per share

- 2021-10: $41.62 per share

- 2021-11: $42.45 per share

- 2021-12: $47.88 per share

- 2022-01: $41.97 per share

- 2022-02: $44.75 per share

- 2022-03: $40.77 per share

- 2022-04: $34.14 per share

- 2022-05: $35.39 per share

- 2022-06: $29.63 per share

- 2022-07: $33.78 per share

- 2022-08: $33.20 per share

- 2022-09: $27.75 per share

- 2022-10: $34.98 per share

- 2022-11: $38.94 per share

- 2022-12: $34.69 per share

- 2023-01: $45.02 per share

- 2023-02: $42.72 per share

- 2023-03: $40.96 per share

- 2023-04: $36.94 per share

- 2023-05: $33.69 per share

- 2023-06: $38.32 per share

- 2023-07: $42.56 per share

- 2023-08: $39.17 per share

- 2023-09: $36.70 per share

- 2023-10: $33.69 per share

- 2023-11: $32.20 per share

- 2023-12: $36.36 per share

- 2024-01: $34.71 per share

- 2024-02: $33.94 per share

- 2024-03: $32.92 per share

- 2024-04: $29.87 per share

- 2024-05: $28.24 per share

- 2024-06: $24.71 per share

- 2024-07: $25.76 per share

- 2024-08: $22.62 per share

- 2024-09: $22.57 per share

- 2024-10: $19.53 per share

- 2024-11: $19.23 per share

- 2024-12: $17.23 per share

- 2025-01: $17.43 per share

- 2025-02: $15.83 per share

- 2025-03: $12.86 per share

- 2025-04: $12.65 per share

- 2025-05: $15.59 per share

- 2025-06: $19.46 per share

- 2025-07: $21.44 per share

- 2025-08: $24.80 per share

- 2025-09: $24.08 per share

- 2025-10: $23.19 per share

- 2025-11: $19.46 per share

- 2025-12: $19.17 per share

- 2026-01: $20.80 per share

- 2026-02: $24.32 per share

- 2026-03: $20.21 per share

- 2026-04: $21.05 per share

- 2026-05: $22.86 per share

- 2026-06: $18.38 per share

- 2026-07: $21.04 per share

- 2026-08: $18.97 per share

- 2026-09: $16.84 per share

- 2026-10: $18.18 per share

## Annual estimated value (USD per share)

- FY2017: low $29.06 per share, central $32.50 per share, high $37.08 per share

- FY2018: low $30.21 per share, central $33.94 per share, high $38.89 per share

- FY2023: low $6.22 per share, central $6.27 per share, high $6.34 per share

- FY2024: low $4.90 per share, central $5.40 per share, high $6.06 per share

- FY2025: low $10.46 per share, central $10.99 per share, high $11.70 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1670541/000167054125000152/adnt-20250930.htm); period 2025-09-30, filed 2025-11-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.